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1. Define the difference between macroeconomics and microeconomics. 2. What are the relative sizes of the...

1. Define the difference between macroeconomics and microeconomics.

2. What are the relative sizes of the US & global economies?

3. How is the US is able to produce so much and how has output has changed over time?

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Answer #1

1. Microeconomics is the study of economics at the level of individuals, groups or an individual firm. Therefore, microeconomics deals with the problem of resource allocation of individuals, groups or an individual firm. For example, the production decision of a single firm or the budget allocation of an individual comes under microeconomics.

Macroeconomics is the study of economics at the aggregate level. Therefore, macroeconomics deals with the problem of resource allocation of the economy as a whole. For example, issues such as the unemployment rate in an economy or the inflation rate in an economy come under macroeconomics.

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